Managing Money As A Fresher.

“Money” – An all encompassing word. The more you run after it, the more it lures you!
Being smart with money is the only way one can enjoy it. All it means is that if you are smart enough to manage your money, you will be able to reap the benefits as you like. As much as one would like to say, “money is never enough”, it is solely upto you to see how you can make money work for you, your needs, your wants and help you lead a comfortable life whilst being able to achieve your short and long term goals.

A person’s first brush with money comes when they start earning – as a Fresher perhaps. While the joy of making an “x” amount as salary is good, many a times Freshers or new entrants in the salaried category realize that it finishes before they know it!

We, at #Brewathought have been interacting with a number of students who are making their transition from college to the work place. One of the major concerns was about how to manage their income especially if they are to move to another city. We list down 5 major non negotiable habits that Fresher’s can inculcate to make their money work for them.

Get Educated
The high of a salary is immense and wanting to spend it as you like it is another feeling. Here is what we think. As you are working the first month or even when you get your Offer Letter, get educated about the break up of your salary. Know your taxes, your obligations and what the actual take home is. You must know what you are signing up for. You also become a tax paying citizen of the country and it is important that you do not default at all. So learn the financial calendar, talk to a CA, get information and basically get educated on money matters.

Budget From The Beginning.
A lot of youngsters are not too happy when we say that they have to budget their expenses from Day 1. It seems like a boring thing to do and youngsters itch to “spend”. The spend can be on various matters. Even if it is to send money home, it is a good idea to make a Budget for the month. There are many apps that help you do it or it just takes a simple spread sheet to do the same. Budgeting also means practicing Self control and question if a particular “spend” is justified. It does not however, mean that one needs to be miserly – Keep a balance and enjoy!

Personal Investment For Long and Short term goals
Saving excess money from the monthly budget should translate into Investments made wisely. Seek professional guidance or support if need be. Work on your short and long term goals. Translate them into money needs and invest in Financial instruments that give you the advantage of saving taxes as well as multiplying the money. These goals should most definitely include your retirement, your emergencies and your entertainment.

Be Prudent With Loans and Debts
Loans are an important part of life now and there are many benefits attached to the same. Pick your Loans and Debts in an informed manner. Use research and experience where you can and make a wise plan to pay it off. Do not default in the payments as it can work against your investments and money.

Insurance and Emergencies
Take an Insurance instrument soon as you start working – both Life and Health. Insurance must be understood correctly and you must be able to choose from the variety of insurance policies that are in the market. Pick the one that suits you and helps in complementing your taxes, your loans and also your Goals.

Millennials are intelligent to know the worth of money and how it can help them as they join the work force. Salaried or not – if there is any source of money that can be classified as income, then as young adults you have to be informed and be able to manage your money sensibly.

If you area #fresher, who needs assistance in #Financial Planning or just want to be #coached about how to start the process of managing Finances, write to us and we will help you reach to an expert.

brewathought, #finances #financialmanagement #money #moneymatters #freshers #interns

Our Blog post today is addressed to Freshers. As people who start to earn their own income, it becomes imperative for them to manage their money well. In many Coaching sessions, we see this as a major area for youngsters – how well to manage money. Here are 5 tips for Freshers to Manage their hard earned money well.

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